Florida millionaires spiked 44% during the pandemic

Florida millionaires spiked 44% during the pandemic

  • 04/10/24
There are over 70,000 millionaires living in the Sunshine State, state income tax filings revealed.

Florida added 18,530 tax filers earning $1 million or more between 2020 and 2021, reporting over 70,000 millionaires statewide.

That’s according to new data from the Internal Revenue Service that breaks down the number of million-dollar filers based on adjusted gross income. The data includes single filers, married couples filing jointly and households.


The number of Americans with an adjusted gross income of at least $1 million per year jumped 44% between 2020 and 2021, fueled in large part by the stock market's surge and soaring salaries during the post-pandemic labor shortage.

Florida posted below the national average, with 35% growth in the number of million-dollar earners over that same period.

More recently Florida's pay growth from January 2023 to January 2024 ranks the state at No. 16 for annual pay growth, according to data from ADP.

Of course, given inflation and soaring housing costs, that $1 million doesn't go nearly as far as it did five years ago.



Source: Bizjournal.com / JOCK FISTICK

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